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Real Estate Cards > Chapter 2: Estates and Tenancies > Flashcards

Chapter 2: Estates and Tenancies Flashcards

1
Q

Estate in land is defined as what?

A

The interest an individual has in real property

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2
Q

An estate includes what?

A

A present or future right to ownership possession of real property

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3
Q

What are the two types of estates?

A

Freehold and nonfreehold

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4
Q

What is a freehold estate defined as?

A

The duration of the owner’s rights cannot be determined: the rights may endure for a lifetime, for less than a lifetime, or for generations beyond the owner’s lifetime.

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5
Q

what type of estate implies “ownership”?

A

Freehold estates

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6
Q

What is a non freehold estate defined as?

A

Distinguished by its specific duration, as represented by the lease term

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7
Q

Non freehold estate is also referred to as?

A

a leasehold estate

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8
Q

Both freehold and non freehold estates are referred to as?

A

Tenancies

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9
Q

The owner of the freehold estate is the?

A

freehold tenant

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10
Q

The renter of a non free hold estate is the?

A

leasehold tenant

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11
Q

The interest in real estate is defined as?

A

the ownership of any combination of the bundle of rights to real property

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12
Q

The bundle of rights include?

A

posses, use, transfer, encumber, and exclude

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13
Q

What is a fee simple freehold estate defined as?

A

The highest form of ownership interest one can acquire in real estate

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14
Q

What is a title defined as?

A

The bundle of rights in a piece of property. The legal way of saying who has legal ownership and the right to use a particular property.

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15
Q

What is a grantee defined as?

A

Is the recipient of a property and will be the person taking the title

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16
Q

What is a grantor defined as?

A

The person who is transferring title and relinquishing the property

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17
Q

A freehold estate of potentially unlimited duration is called a?

A

A fee simple estate

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18
Q

An estate limited to the life of the owner is called a ?

A

A life estate

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19
Q

what type of estate that is most common form of estate?

A

fee simple estate

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20
Q

What type of estate is not limited by one’s lifetime?

A

fee simple estate

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21
Q

What type of real estate is the hightest form of ownership interest?

A

Fee simple absolute

22
Q

What type of estate is most often called “inheritable fee simple”?

A

fee simple absolute

23
Q

What type of estate can revert to previous owners for violation of conditions?

A

Fee simple defeasible

24
Q

What are the 2 types of fee simple defeasible estate?

A

determinable and condition subsequent

25
Q

What type of estate passes to another person upon death of a named party?

A

fee estate

26
Q

The holder of the life estate is called?

A

life tenant

27
Q

The interest of a named party to receive estate after the holder’s death is known as?

A

The remainder

28
Q

The interest of previous owner to receive estate after holder’s death is known as?

A

The reversion

29
Q

The limited of lifetime of life tenant or another named party is known as?

A

Full ownership interest

30
Q

Conventional life estate is created by?

A

agreements between parties

31
Q

The death of the life tenant and passes to remainderman or previous owner is known as?

A

the ordinary conventional life estate

32
Q

The death of another person and passes to remaindeman or previous owner is known as?

A

the pur autre vie

33
Q

Legal life estate is the….

A

automatic creation of estate through operation of law

34
Q

legal life estate is designed to…

A

protect family survivors

35
Q

The right to one’s principle residence is known as?

A

homestead

36
Q

The laws to protect homestead from certain creditors is known as?

A

the homestead laws

37
Q

A life estate interest of a widow(er) in the real property is known as?

A

Dower and curtesy

38
Q

The right to claim decrease spouse’s property in lieu of will is known as?

A

Elective share

39
Q

An interest in property that is less than a freehold estate is known as…?

A

a non free hold estate

40
Q

What estate not inheritable and do not involve ownership?

A

a non free hold estate

41
Q

The execution of a lease by a fee owner, the lessor, or landlord to the lessee or tenant is known as?

A

A leasehold estate or leasehold

42
Q

A leasehold estate creates a situation where two or more people have an interest in an estate is called a….?

A

tenancy

43
Q

This tenancy is for a definite period of time. It may endure for any length of term agreed to by the landlord and tenant.

A

The tenancy for years

44
Q

At the end of this term, this tenancy automatically terminates, without any requirements of notice by either party.

A

The tenancy of years

45
Q

This tenancy has lease terms that renew automatically upon acceptance of monthly.

A

periodic tenancy (month-to-month)

46
Q

This tenancy continues until one of the parties provides sufficient of notice by either party.

A

periodic tenancy

47
Q

This tenancy is for an indefinite period subject to rent payment.

A

tenancy at will

48
Q

This tenancy can be created by agreement or by failure to create a tenancy for years, and it can be canceled with sufficient notice.

A

tenancy at will

49
Q

This tenancy against a landlord’s will and occurs when a tenant occupies the premises without consent of the landlord or an agreement. This usually occurs when a tenant fails to vacate at the expiration of the lease

A

tenancy at sufferance

50
Q

What is undivided interest defined as?

A

An owner’s interest in a property in which 2 or more parties share ownership

51
Q

What are the 3 types of life estate?

A

fee estate, conventional life estate, legal life estate

Real Estate Cards (2 decks)

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